Finance Secretary Ralph Recto assured the public that the Department of Finance (DoF) and the Bureau of Customs (BoC) are prepared to fully implement Republic Act 12022, or the Anti-Agricultural Economic Sabotage Act, signed by President Ferdinand Marcos Jr. on Thursday. The law aims to end agricultural smuggling, profiteering, and hoarding to ensure food security for Filipinos.
FINANCE Secretary Ralph Recto has assured the public the Department of Finance and the Bureau of Customs are ready to fully implement the anti-agri economic sabotage law to end agricultural smuggling , profiteering and hoarding.In a statement on Friday, Recto said Republic Act 12022, or the Anti-Agricultural Economic Sabotage Act , signed by President Ferdinand Marcos Jr.
Under the law, the term agricultural products shall now cover livestock, aquatic products and tobacco.Perpetrators now face a penalty of life imprisonment and a fine of five times the value of agricultural and fishery products subject to the crime.RA 12022 empowers the BoC in conducting and implementing the Letter of Authority to take action against corporations or entities involved in acts of economic sabotage.
Anti-Agricultural Economic Sabotage Act Department Of Finance Bureau Of Customs Agricultural Smuggling Food Security
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